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Infinite Electronics updates first- and second-lien loan terms
By Sara Rosenberg
New York, Feb. 23 – Infinite Electronics (Infinite Bidco LLC) reduced pricing on its $240 million eight-year second-lien term loan (Caa2/CCC) to Libor plus 700 basis points from talk in the range of Libor plus 725 bps to 750 bps, according to a market source.
Also, the Libor floor on the second-lien term loan was lowered to 0.5% from 0.75% and the original issue discount was tightened to 99.5 from 99, the source said.
Pricing on the company’s $640 million seven-year first-lien term loan (B2/B-) remained at Libor plus 375 bps with two leveraged based step-downs and an additional step-down following an initial public offering.
However, the Libor floor on the first-lien term loan was cut to 0.5% from 0.75% and the original issue discount was revised to 99.75 from 99.5, the source continued.
The first-lien term loan still has 101 soft call protection for six months, and the second-lien term loan still has hard call protection of 102 in year one and 101 in year two.
Recommitments were scheduled to be due at 4 p.m. ET on Tuesday, the source added.
The company’s $1.055 billion of senior secured credit facilities also include a $100 million five-year revolver (B2/B-), a $55 million privately placed first-lien delayed-draw term loan (B2/B-) and a $20 million privately placed second-lien delayed-draw term loan (Caa2/CCC).
Jefferies LLC, Antares Capital, RBC Capital Markets, Wells Fargo Securities LLC, Golub Capital and TD Securities (USA) LLC are the arrangers on the deal.
Proceeds will be used to help fund the buyout of the company by funds affiliated with Warburg Pincus and to pay related fees and expenses.
Infinite Electronics is an Irvine, Calif.-based supplier of electronic components serving the needs of engineers.
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